Markets

Wall Street Sees Higher Open; OPEC Report, Trump Policies in Focus

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U.S. stocks were set for a modestly higher open on Monday as traders -- with no economic data due for release --turned their attention to oil evaluating the latest monthly report from OPEC, while keeping an eye on policy news from Washington, with special emphasis on a meeting between President Donald Trump and Canadian Prime Minister Justin Trudeau.

Oil prices tumbled with global benchmark Brent Crude down 0.85% and U.S. benchmark West Texas Intermediate down 0.74% as signs of growing shale production in the United States overshadowed a monthly report from OPEC which confirmed that its members have largely complied with the cartel's deal to curb production.

There are no economic data due for release on Monday.

In equities, shares of Tower Semiconductor ( TSEM ) were 3.4% higher pre-bell after the semiconductor foundry reported Q4 adjusted net profit that topped the Street estimate, while revenues were in line.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.31%

-S&P 500 futures up 0.26%

-Nasdaq 100 futures up 0.20%

-Nasdaq 100 pre-market indicator up 0.20%

GLOBAL SENTIMENT

Nikkei up 0.41%

Hang Seng up 0.58%

Shanghai Composite up 0.63%

FTSE-100 up 0.17%

DAX-30 up 0.93%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: unchanged to higher

(+) Chip stocks: unchanged to higher

(+) Software stocks: unchanged to higher

(+) Hardware stocks: unchanged to higher

(+) Internet stocks: unchanged to higher

(+/-) Oil stocks: mixed

(+/-) Biotech stocks: unchanged

(+/-) Drug stocks: mixed

(+) Financial stocks: unchanged to higher

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(+/-) Airlines: unchanged

(+) Autos: unchanged to higher

UPSIDE MOVERS

(+) TEVA (+4.6) Tops Q4 estimates

(+) IMMU (+7.7%) Shareholder venBio pans planned deal with Seattle Genetics

(+) PLUG (+8.5%) CEO Andy Marsh scheduled to discuss 2017 expansion plans in conference call on Feb. 24

DOWNSIDE MOVERS

(-) VZ (-1.5%) Launches new unlimited data plan

(-) STNG (-7.8%) Cuts quarterly dividend

(-) T (-1.2%) Fails to reach settlement with labor group

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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